Overseas Forex trading Prohibited via Internet trading portals - Don't Fell Into Trap
When you search Forex Trading online, you will see a lot of portals that promise you high returns on the basis of Trading Foreign Currency. But are you aware that this is not allowed. RBI recently released a circular that was shared with me by HDFC. I am adding the entire details below with FOREIGN EXCHANGE MANAGEMENT ACT, 1999 PDF file. Read these things below before going on for Forex Trading. We wish to bring to your notice the following instructions as issued by the Reserve Bank of India vide its circular dated Sep 17, 2013 - HDFC Remittance in any form towards overseas foreign exchange trading (including through electronic/Internet trading portals or by use of credit/debit cards) is strictly prohibited and accordingly, the customers are cautioned not to remit or deposit money or utilize their credit/debit cards for such transactions. Further, a ny person , resident in India collecting and effecting / r emitting payments directly /indirectly outside India in...